OPEN Options History — September 2025

In September 2025, OPEN traded between $5.03 and $10.61. ATM implied volatility averaged 170.7%, placing in the 42.5% IV rank vs the trailing year. The 30-day expected move averaged 48.8%. IV traded below realized volatility by 77.6% (HV 20d: 248.3%). Max pain ranged from $3.00 to $8.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.46.

Notable Days

2025-09-11: Highest Volume — 3,646,003 contracts
2025-09-11: Largest IV spike — 48.2% change
2025-09-11: Highest IV Rank — 61.9%
2025-09-11: Largest Expected Move — 62.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.93	$5.03	$10.61	$5.03	$8.02
Max Pain	$5.38	$3.00	$8.00	$3.00	$7.00
ATM IV	170.7%	140.7%	222.1%	176.3%	144.3%
Expected Move	48.8%	40.1%	62.4%	53.2%	41.1%
HV 20d	248.3%	179.8%	284.9%	213.7%	269.5%
HV 60d	224.6%	196.8%	242.8%	199.5%	242.8%
IV Rank	42.5%	31.1%	61.9%	44.6%	32.5%
IV Percentile	85.3%	75.0%	96.0%	88.9%	75.8%
Term Structure	-0.1%	-7.0%	10.2%	-2.2%	10.2%
VWIV	175.5%	144.9%	212.1%	189.8%	152.0%
Skew 25d	-36.3%	-49.3%	-17.2%	-28.7%	-39.5%
Skew 10d	-53.7%	-87.6%	-20.0%	-32.5%	-77.9%
Call IV 25d	200.4%	172.4%	237.2%	198.5%	177.2%
Put IV 25d	164.0%	134.8%	216.1%	169.9%	137.8%
Bid-Ask Spread %	6.04	3.63	11.47	5.18	6.29
Gamma HHI	0.13	0.11	0.18	0.16	0.12
Net GEX	4.7M	1.4M	8.9M	2.9M	4.1M
Net DEX	-962.8M	-1.92B	-512.3M	-546.2M	-785.1M
Net VEX	-2.0M	-2.7M	-1.3M	-1.3M	-2.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.46	0.28	0.66	0.35	0.42
Total Volume	1,299,837.286	531,050	3,646,003	936,858	551,300
Total OI	3,150,453.381	2,421,504	3,792,002	2,421,504	3,229,401

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-09-02	$5.03	$3.00	176.3%	53.2%	213.7%	44.6%	189.8%	-28.7%	-2.2%	2.9M	-546.2M	-1.3M	0.35	5.18	695,667	241,191	1,729,387	692,117
2025-09-03	$5.13	$3.00	164.7%	48.7%	213.5%	40.2%	172.1%	-20.8%	-2.6%	4.0M	-581.7M	-1.4M	0.28	5.91	525,862	146,255	1,903,726	751,932
2025-09-04	$5.96	$4.00	177.2%	49.2%	182.5%	45.0%	173.5%	-24.4%	-7.0%	5.2M	-792.5M	-1.5M	0.34	3.75	1,081,274	364,431	1,938,911	784,760
2025-09-05	$6.63	$3.50	168.0%	47.7%	179.8%	41.5%	167.2%	-29.3%	-0.4%	4.0M	-977.6M	-1.6M	0.36	5.57	1,537,207	559,186	2,045,409	904,121
2025-09-08	$6.06	$3.50	173.6%	49.6%	187.9%	43.6%	176.8%	-32.3%	0.4%	3.7M	-717.1M	-1.6M	0.59	3.63	870,996	513,334	1,841,105	761,029
2025-09-09	$6.08	$4.00	161.4%	46.6%	185.6%	39.0%	167.4%	-25.8%	1.0%	3.4M	-687.3M	-1.7M	0.54	6.32	344,081	186,969	1,990,874	952,959
2025-09-10	$5.70	$4.00	149.8%	43.6%	189.6%	34.6%	144.9%	-27.1%	3.8%	2.8M	-593.5M	-1.6M	0.39	6.72	521,700	204,904	2,048,445	980,507
2025-09-11	$10.61	$4.00	222.1%	62.4%	278.6%	61.9%	212.1%	-17.2%	-3.3%	5.7M	-1.92B	-1.8M	0.55	5.01	2,355,805	1,290,198	2,105,300	1,010,296
2025-09-12	$9.16	$5.00	197.3%	55.6%	284.9%	52.6%	193.4%	-46.1%	-5.2%	3.3M	-1.17B	-2.0M	0.66	7.40	1,323,764	879,301	1,937,367	1,413,365
2025-09-15	$9.45	$6.00	189.2%	53.8%	284.8%	49.5%	193.2%	-41.4%	-3.2%	4.7M	-1.16B	-2.0M	0.51	4.55	737,721	379,406	1,796,271	1,078,574
2025-09-16	$9.00	$6.00	192.5%	55.1%	284.2%	50.8%	196.2%	-49.3%	-7.0%	4.6M	-1.08B	-2.2M	0.42	4.67	579,098	245,954	2,027,903	1,221,805
2025-09-17	$10.18	$6.00	193.9%	55.6%	283.4%	51.3%	198.3%	-46.9%	-4.6%	8.7M	-1.46B	-2.3M	0.53	4.87	1,305,401	687,838	2,188,706	1,282,999
2025-09-18	$10.11	$6.00	172.4%	49.4%	277.3%	43.2%	177.8%	-47.2%	0.2%	8.8M	-1.40B	-2.3M	0.46	4.50	675,455	312,625	2,221,100	1,458,075
2025-09-19	$9.52	$6.00	162.7%	46.7%	279.6%	39.5%	168.7%	-41.6%	-2.4%	5.9M	-1.14B	-2.3M	0.47	3.82	925,065	435,721	2,290,757	1,501,245
2025-09-22	$8.52	$6.00	152.3%	42.9%	262.9%	35.5%	162.9%	-41.2%	2.9%	3.0M	-827.1M	-2.3M	0.39	10.56	732,490	282,699	1,870,208	1,028,089
2025-09-23	$7.09	$8.00	159.1%	45.8%	272.6%	38.1%	174.9%	-46.6%	5.0%	1.4M	-512.3M	-2.2M	0.55	11.47	1,004,221	553,805	2,041,931	1,144,387
2025-09-24	$8.20	$7.00	174.6%	49.0%	274.3%	44.0%	180.6%	-45.7%	0.2%	3.9M	-837.8M	-2.5M	0.53	8.92	958,011	504,037	2,245,803	1,258,054
2025-09-25	$9.05	$7.00	163.6%	47.0%	268.2%	39.8%	167.5%	-43.3%	0.9%	8.9M	-1.16B	-2.7M	0.39	4.47	827,795	320,817	2,349,477	1,312,953
2025-09-26	$8.73	$7.00	148.2%	41.2%	269.3%	34.0%	153.2%	-30.3%	5.4%	4.6M	-1.01B	-2.5M	0.46	5.98	742,151	343,832	2,416,465	1,342,470
2025-09-29	$8.25	$7.00	140.7%	40.1%	271.3%	31.1%	162.5%	-38.5%	6.7%	4.3M	-847.0M	-2.5M	0.39	7.28	395,451	153,565	1,987,645	1,073,593
2025-09-30	$8.02	$7.00	144.3%	41.1%	269.5%	32.5%	152.0%	-39.5%	10.2%	4.1M	-785.1M	-2.5M	0.42	6.29	387,151	164,149	2,092,190	1,137,211